The Globe and Mail reports in its Thursday edition that RB Global, the former Ritchie Bros., appointed a new chief executive officer Wednesday in the wake of a compensation dispute. The Globe's Jason Kirby writes that the stunning management change sent the company's shares plunging as much as 14 per cent. RB Global said former chief operating officer and president Jim Kessler would take over as CEO and join the board after the departure of Ann Fandozzi, who was appointed CEO in late 2019. Also departing is chief financial officer Eric Jacobs. The company is the world's largest industrial auctioneer. It said the management changes were unrelated to RB Global's performance, financial reporting or operating results. Instead, the company said its board had rejected an ultimatum from Ms. Fandozzi that for her to remain as CEO the board must approve a "front-loaded compensation program that would bring forward five years of equity compensation." The company said that after "extensive negotiations" with her, the board determined the proposal was "far beyond peer group benchmarks," at which point it said Ms. Fandozzi resigned. She wanted a $65-million (U.S.) upfront equity grant plus $65-million (U.S.) for five other executives.